DTI chief urged European biz to invest in PH defense

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has encouraged European businesses to explore investment opportunities in the country’s defense sector.In a luncheon meeting with the European Chamber of Commerce of the Philippines (ECCP) at Dusit Thani Hotel in... Read More

Hospitality, retail to drive PH property sector in 2023

MANILA – Real estate services firm Santos Knight Frank (SKF) is optimistic about the outlook for the Philippine property sector this year, driven by the hospitality and retail sectors.In a virtual briefing Thursday, SKF chairman and chief executive officer Rick Santos said retails and hotels... Read More

BTr raises P283.7B from retail treasury bond sale

MANILA – The Bureau of the Treasury (BTr) has raised around PHP283.711 billion worth of 5.5-year retail treasury bond (RTB) after the one-week offer period, National Treasurer Rosalia de Leon said.In a Viber message to journalists on Wednesday, de Leon said PHP31.671 billion of the amount is... Read More

Stocks recover, peso slips ahead of BSP rate decision

MANILA – The local stock barometer recovered on Thursday amid the rise in the United States consumer price index (CPI) for January 2023 while the peso slipped against the US dollar.After sliding for several days, the Philippine Stock Exchange index (PSEi) rose by 0.45 percent, or 30.85 points,... Read More

PH gas outlook bullish but RE policies pose downside risks

MANILA – Fitch Solutions said the Philippines’ gas consumption outlook remains bullish but the administration’s aggressive push for renewable energy (RE) poses downside risks to natural gas consumption in the power sector.In a commentary released to the media on Wednesday, Fitch... Read More

BSP’s term deposit facility up ahead of MB meeting

MANILA – The rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose on Wednesday, with preference for the shorter-dated tenor, ahead of the policy rate setting meeting of the central bank’s Monetary Board (MB).The average rate of the seven-day facility... Read More

Reopening of more economies boosts OFWs remittance growth

MANILA – Total inflows from overseas Filipino workers (OFWs) posted a fresh monthly record-high of USD3.49 billion in December 2022, bringing the full-year figure to an all-time high of USD36.14 billion, up by 3.6 percent. Data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday... Read More

OECD jobless rate at record low for 6th consecutive month

ANKARA – The unemployment rate in the Organization for Economic Cooperation and Development (OECD) area was stable at a record low of 4.9 percent for the sixth consecutive month in December.The number of unemployed dropped to 33.9 million in the OECD area last year, the lowest annual level,... Read More

PH bananas want to regain market share in Japan

MANILA – The Philippine government is asking Japan to set the next general review of its free trade agreement (FTA) as the country has offensive interests in agriculture.In an interview with trade reporters, Special Trade Representative Dita Angara-Mathay said tropical fruit growers in... Read More

OPEC revises 2023 world oil demand growth

ISTANBUL – The Organization of Petroleum Exporting Countries (OPEC) has revised its global oil demand for 2023.According to OPEC's most recent monthly oil market report, published Tuesday, oil demand will increase by 2.32 million barrels per day (bpd) in 2023 to reach 101.87 million bpd, with... Read More

Stocks slip on risk-off sentiments, peso ends sideways

MANILA – Risk-off sentiments resulted in another negative close of the local bourse’s main index on Tuesday while the local currency ended sideways against the US dollar.The Philippine Stock Exchange index (PSEi) shed 0.69 percent or 47.52 points, to 6,791.24 points.All Shares slipped by... Read More

Landbank eyes growth for agri loans

MANILA – State-owned Land Bank of the Philippines (Landbank) intends to increase the number of small farmers and fishers it has assisted up to 3.6 million this year in line with the government’s bid to further uplift the agriculture sector.In an interview after the official inauguration... Read More

Revival of Toyota’s Tamaraw in PH to back auto industry growth

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has welcomed the public announcement of Japanese carmaker Toyota to revive the assembly of its utility vehicle model Tamaraw in the Philippines.In an interview with a local radio-television network Tuesday, Pascual said... Read More

Oil prices fall over US crude reserve release plan

ANKARA – Oil prices fell on Tuesday over expectations of another release from the Strategic Petroleum Reserves (SPR) in the United States, which offset market supply concerns.International benchmark Brent crude traded at $86.31 per barrel at 9:46 a.m. local time (0646 GMT), down 0.3 percent... Read More

21 deals from PBBM’s Japan trip to materialize in 1-3 yrs: DTI

MANILA – A trade official said 21 out of the 33 business deals during the official working visit to Japan of President Ferdinand R. Marcos Jr. will materialize within one to three years.During the Laging Handa public briefing Tuesday, Department of Trade and Industry (DTI) Assistant Secretary... Read More

Oil prices fall ahead of crucial upcoming US inflation data

ANKARA – Oil prices fell on Monday ahead of the release of critical United States inflation data due later this week, sparking recession fears in the country.International benchmark Brent crude traded at $85.56 per barrel at 09:55 a.m. local time (0655 GMT), down 0.96 percent from the closing... Read More

LEDAC execom to endorse 10 priority bills to PBBM

MANILA – The executive committee of the Legislative-Executive Development Advisory Council (LEDAC) will recommend 10 bills to President Ferdinand R. Marcos Jr. to be tagged as priority legislations for the current session of the Congress."The LEDAC met to agree on the criteria for... Read More

Stocks slip, peso weakens ahead of BSP rate setting meet

MANILA – The local bourse’s main index ended Monday in the negative territory ahead of the rate setting meeting of the Bangko Sentral ng Pilipinas (BSP) later in the week, while the peso weakened against the United States dollar.The Philippine Stock Exchange index (PSEi) shed 0.55... Read More

BTr fully awards 3-month, 1-year T-bills

MANILA – The Bureau of the Treasury (BTr) fully awarded the 91-day and 364-day Treasury bills (T-bills) on Monday but partially awarded the 182-day after its rate surpassed that in the secondary market.The average rate of the three-month paper rose to 4.230 percent, the 182-day paper to 4.949... Read More

Local vehicle sales kick off 2023 with 42% growth

MANILA – The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported on Monday that their combined vehicle sales at the start of the year increased by 42.1 percent to 29,499 units. This translates to an increase of 8,734 units... Read More